GBP/USD Outlook (16 January 2020)

Overall, GBP/USD is moving across. Recently, GBP/USD moved higher after failing to break the key level of 1.30 downwards.
The U.K. CPI y/y data (Actual: 1.3%, Forecast: 1.5%, Previous: 1.5%) released was worse than forecasted and pound weakened for a short period of time before regaining its losses.
GBP/USD’s next support level is at 1.29500 and the next resistance level is at 1.30700.
With the poor U.K. CPI data, look for selling opportunities of GBP/USD.